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21/05/2021 11:11

{I-bank focus}Nomura trims Tencent (00700) to HK$731

[ET Net News Agency, 21 May 2021] Nomura trimmed its target price for Tencent Holdings
(00700) to HK$731 from HK$780 and maintained its "buy" rating.
The research house said Tencent reported largely in-line 1Q revenue and slightly lower
earnings. Tencent plans to increase the rate of investment by investing "a portion of its
incremental profits in 2021" into three strategic areas: Cloud with a focus on SaaS
products, online gaming, and short-form video.
Nomura cut its FY2021 non-GAAP profit by 9% (CNY15bn) to factor in this additional
strategic investment. (KL)

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